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Manager
Joined: 04 Nov 2006
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How have some of you financed your full-time MBA studies?
I am starting my program in the fall of this year and, although I'm excited about attending one of the best schools in the country (Chicago GSB), I'm not so thrilled about being financially dependent on my parents again in my mid 20s, after being independent for the last 2.5 years.
How have you guys dealt with this? Or is it not that big of a deal to most?
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Manager
Joined: 28 Oct 2006
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i suppose you need not be dependant on them if you really dont want to... you can still get a loan from a bank (as most people do)... I think! 
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Manager
Joined: 04 Nov 2006
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Yes, that is a common option. But even aside from tuition...things like rent, food, etc...that money has to come from somewhere, right?
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Manager
Joined: 04 Nov 2006
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Forgot to mention golf in the list of things I need money for 
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Manager
Joined: 28 Oct 2006
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i think the loan would cover that as well... wouldnt it?
Or maybe give up the golf thing
Anyway i do understand you, i'd never go back depending on ma&da, ever
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Manager
Joined: 04 Nov 2006
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Wow...now I feel terrible.  Am I the only one who will be depending on mom and pop for some of my financial needs during school?
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SVP
Joined: 01 Nov 2006
Posts: 1855
Schools: The Duke MBA, Class of 2009
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artshep wrote: Wow...now I feel terrible. Am I the only one who will be depending on mom and pop for some of my financial needs during school? I say that if the apron strings lead to the dough, and your sense of self won't be crushed, go for it.
My parents have absolutely NOTHING to give, so that's never been an option.
But yeah, many people cover the whole thing - tuition and living expenses - through loans, with private loans making up the difference.
See the "Cha Ching" announcement in the b-school thread for more on funding b-school.
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Current Student
Joined: 29 Jan 2005
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aaudetat wrote: artshep wrote: Wow...now I feel terrible. Am I the only one who will be depending on mom and pop for some of my financial needs during school? I say that if the apron strings lead to the dough, and your sense of self won't be crushed, go for it. My parents have absolutely NOTHING to give, so that's never been an option. But yeah, many people cover the whole thing - tuition and living expenses - through loans, with private loans making up the difference. See the "Cha Ching" announcement in the b-school thread for more on funding b-school. Same here, expected family contribution = $0. It's been that way since I was 17.
Paying half through savings and the other half through Stafford and Stafford Plus loans. I think we can max out somwhere around $120K as grad students.
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Manager
Joined: 04 Nov 2006
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Yep, you guys are right on. The combination of savings and loans should do the trick, leaving little or nothing left for the parents to take on. That makes me feel better.
If I'm not mistaken, we do get a waive on withdrawal penalties from 401K and Roth IRA if we use that money for a graduate education. Anyone know if that's accurate?
Also, assuming a $100k loan overall, what would be an estimated monthly payment after school and what would the timeline of the loan be, typically?
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Current Student
Joined: 29 Jan 2005
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artshep wrote:
Also, assuming a $100k loan overall, what would be an estimated monthly payment after school and what would the timeline of the loan be, typically?
Over 15 years it should be about $8~900/month.
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Manager
Joined: 07 Jan 2006
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I will be paying for the tuition minus fellowship by loans. All living and personal expenses will be provided by my parents. Loans can cover everything including living/personal expenses, but I want to keep the amount borrowed as low as possible. It don't generally like being dependant on my parents, but I also don't want ridiculous loans to pay off.
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Intern
Joined: 12 Feb 2007
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Quote: Over 15 years it should be about $8~900/month.
man.......that's pretty serious, there has to be a way to extend the life of the loan. Is that a realistic number?
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GMAT Club Legend
Affiliations: HHonors Diamond, BGS Honor Society
Joined: 05 Apr 2006
Posts: 5881
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE: Business Development (Consumer Products)
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Woah another GSBer? Did you go to Admit Weekend?
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Manager
Joined: 04 Nov 2006
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rhyme wrote: Woah another GSBer? Did you go to Admit Weekend?
I have not yet been able to go to any of the orientation events, unfortunately, since I've been in New York wrapping up work. But I just moved back today and plan to attend as many as I can before we start up in the Fall.
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VP
Joined: 24 Sep 2006
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I might pull off to finance my MBA with savings + scholarship. Although it depends on where I end up. If not, savings + Citiassist.
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Current Student
Joined: 04 Dec 2006
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Isn't not our of the question that a internship will lead to second year expenses? I have heard of employers that will offer full-time positions after internships that include covering second year tuition...Has anyone else heard of this?
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Director
Joined: 07 Aug 2006
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squali83 wrote: Isn't not our of the question that a internship will lead to second year expenses? I have heard of employers that will offer full-time positions after internships that include covering second year tuition...Has anyone else heard of this?
Yes, but its not the norm. I believe a couple consulting firms do it. I feel like I've heard of Booz offering second year tuition but I could be wrong.
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Current Student
Joined: 29 Jan 2005
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macsurf wrote: Quote: Over 15 years it should be about $8~900/month. man.......that's pretty serious, there has to be a way to extend the life of the loan. Is that a realistic number? Depending on the applied interest rate, I may be a few bucks off but the figure is definately within the ballpark. Extending the loan beyond 15 years? Good question... anybody? 
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SVP
Joined: 01 Nov 2006
Posts: 1855
Schools: The Duke MBA, Class of 2009
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GMATT73 wrote: Extending the loan beyond 15 years? Good question... anybody? hey, gang. I believe the standard term will be at 10 years for your student loans. Post-graduation you can consolidate the loans, which will extend the term. The term you get will depend on the total amount you have outstanding. However, remember that the longer your term, the more you'll pay in interest.
See number 11 of this FAQ: https://www.mygreatlakes.com/borrower/s ... _faqs.html
P.S. I know undergrad federal loans have a standard 10-year term. I'm not so sure about grad school loans. Private loans are likely to depend on the lender.
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Current Student
Joined: 29 Jan 2005
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aaudetat wrote: GMATT73 wrote: Extending the loan beyond 15 years? Good question... anybody? hey, gang. I believe the standard term will be at 10 years for your student loans. Post-graduation you can consolidate the loans, which will extend the term. The term you get will depend on the total amount you have outstanding. However, remember that the longer your term, the more you'll pay in interest. See number 11 of this FAQ: https://www.mygreatlakes.com/borrower/s ... _faqs.htmlP.S. I know undergrad federal loans have a standard 10-year term. I'm not so sure about grad school loans. Private loans are likely to depend on the lender. The loan repayment calculator sets its default at 10 years, so you may be right on this one. Who the hell would want to still be paying off grad loans in their 50s? http://www.edamerica.net/tools/repaymentcalculator.aspx
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close
